Number of return filers decreased. Demonetisation – Short term failure or long term advantageous ?
Really Shocking and surprising, instead of increasing , the number of tax payers in the country decreased by 6.60Lakhs, during FY 2018-19. Whereas, as per past trends the tax base should have increased by at least 50 Lakh e filings.
Increase of returns relevant to demonetisation year from 5.28 Crore to 6.74 Crores and decline for next year, clearly indicates the ill effects of demonetisation and shows, how much black money got converted during demonstration, through Jan Dhan dormant accounts. The revenue has also not showing much growth in this fiscal.
Let us keep a watch over it.